The Board of Directors is pleased to present the 14th Annual Report of
the Company together with the Audited Accounts for the year ended 30th
Rs. in Lacs
Particulars 2007 - 2008 2006 - 2007
(01.10.2007 (01.04.2006 to
to 30.09.2008) 30.09.2007)
Sales / Income 0.50 600.72
Gross Profit / (Loss) before
Depreciation and Financial
Charges (10.33) 1.82
Less : A. financial Charges 0.76 0.37
B. Depreciation 0.77 0.00
Net profit / (Loss) before Tax and prior
period expenditure (8.80) 1.45
Net profit / (Loss) after tax (10.03) 1.45
The Company did not operate this year due to shifting of Registered
Office from Chennai to Bangalore and also require to comply a lot of
statutory formalities to start the business and hope the Company may do
business activities this current year.
The shares are suspended for trading on 28.12.2007 and we are trying to
revoke the suspension of trading and hope BSE will recall the
suspension of trade very soon.
In view of Loss incurred during the year, your. Directors do not
recommend any dividend for the financial year ended 30th September,
Your Company has not accepted any deposits from the public during the
year under review.
Mr. G. Vijay Kumar, Director of your Company retires by rotation at the
ensuing Annual General Meeting and is eligible for reappointment.
None of the Directors of the Company are disqualified U / s 274(1)(g)
of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT U/S. 217 (2AA) OF THE (COMPANIES
AMENDMENT) ACT, 2000,.INDICATING THEREIN;
i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the State
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) That the directors had prepared the annual accounts on a going
PARTICLUARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNIGS AND OUTGO
Particulars of Conservation of Energy, Technology Absorption & Foreign
Exchange Earnings and Outgo As required under Section 217(1)(e) of The
companies Act, 1956, read with Rule 2 of the Companies (Disclosure of
Particulars in the report of the Board of Directors) Rule 1988, the
particulars relating to Conservation of Energy, technology Absorption
and Foreign Exchange Earnings and Outgo are given in Annexure - 1,
which forms part of the Directors Report.
M/s.T.N. Pratap & Associates, Chartered Accountants, Bangalore,
Auditors of the Company retire at the. conclusion of this Annual
General Meeting and are eligible for re appointment. As required under
section 224(1B) of the Companies Act, 1956.
The Company has compiled with mandatory requirements of Corporate
Governance as prescribed in the Listing Agreement with the Stock
Exchanges to the extent possible, taking into account, the operational
requirements, financial position of the company, etc. A separate report
on Corporate Governance along with the Auditors Certificate on its
Compliance is attached as Annexure to this report.
STATEMENT PURSUANT TO LISTING AGREEMENT
The Companys Shares are listed with the Bombay Stock Exchange Limited,
Madras Stock Exchange Limited and Coimbatore Stock Exchange Limited.
The Listing Fees have been paid up to date.
Your Directors place on record the valuable services & co- operation
extended by the Companys Shareholders, employees, Bankers and other
agencies, associated with the company. The Board looks forward to their
continued support in all its future endeavors. Your Directors also
place on record the co-operation extended by the State and Union
Government and the various Statutory Bodies.
By order of the Board of Directors
for PITTSBURGH IRON AND STEELS LIMITED
Place : Bangalore G. VIJAY KUMAR D. MADAN MOHAN
Date : November 29, 2008 Managing Director Director